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OIL
Lower Russian crude exports mean constraints on the fleet trading Russian crude look unlikely despite the Urals price increase according to Votexa.
- The Urals price surpassed the $60/bbl price cap for the first time last month according to Argus, highlighting the role of Greek tanker operators, who control well over one-third of tankers which have lifted Russian crude post-ban.
- Russian crude volumes (excl. Russia Far East) lifted by Greek operators in July decreased by around 482 kbd m-o-m to around 35% of all cargoes compared to around 45% of June cargoes when Urals was still under the cap.
- Reduced tanker demand partially drove the Greek operators away with Russian crude exports from the Baltic and Black Sea down by 24% m-o-m in July. Also, Chinese buyers turned away due to the higher prices while Russia is prioritising higher value products.
- It remains to be seen whether a similar shift will be seen away from Russian clean products with pricing now also above caps.
Source: Vortexa
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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